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Ahead Of The Bell: Analyst Upgrades Safeway

Stock quotes in this article: SWY  

NEW YORK (AP) — An analyst raised his rating and price target for Safeway Inc. Tuesday, citing the grocery store operator's improved pricing and traffic.

Scott Mushkin of Jefferies & Co. also upgraded Safeway to "Buy" from "Hold," writing in a client note that stabilizing economic conditions may also help the Pleasanton, Calif.-based company get back on more solid footing.

"Given the tremendous economic challenges the company endured, its higher-end store base and the Blackhawk business, Safeway, in our opinion, should see an outsized benefit if the economy improves," Mushkin wrote. ...

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